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The property market collapse was at the heart of Spain’s economic meltdown and
the slide is continuing unabated. Prices tumbled yet again in the third
quarter, according to official figures, falling by an average of 14.4 per
cent year-on-year in the second quarter and 15.2 per cent in the third.

The biggest drop was in central Madrid, with a 17.9 per cent slide, while the
smallest annual decline was in Extremadura, in western Spain, at 9.8 per
cent.

Property values doubled in the decade to 2007 before the global financial
crash turned boom into bust, with disastrous consequences for the